In the operation of a briquetting press of the stationary anvil-movable die type, a briquette is formed by moving the die and an associated chip-box into engagement with the anvil and then moving the ram through the chip-box and into the die to compact the discrete material into a dense block having an overall configuration designated by the die. The die and the ram are then retracted to permit the briquette to fall by gravity from the anvil to a suitable collecting device. Heretofore metallic chips or other discrete materials were processed at an ambient temperature whereby the briquetting press being used was not subjected to excessively high temperatures. It has been disclosed, however, that briquettes formed from metallic scrap materials that have been heated to a suitably high temperature at which all volatile constituents have been vaporized and which already contain a substantial amount of preheat are desirable where further melting is scheduled. Heating the scrap materials may be only a preferred procedure where smoke abatement is concerned, but it is absolutely necessary where induction melting is scheduled as a subsequent operation. With the present invention there is therefore provided a briquetting press of improved design wherein metallic chips or other scrap materials being formed into briquettes are first heated to a high temperature and then they are subjected to a high compacting pressure in a fluid-cooled briquetting press that cools the press without cooling the heated chips.